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Younger drivers are more prone to accidents compared to older drivers. Male drivers have a higher chance of figuring in a road mishap than female drivers. And cars parked on the road are more likely to have more accidents than those in an enclosed garage.

These are just some of the findings in a recent study conducted by two Actuarial Science students of the University of Santo Tomas and chosen by the Philippine Insurers and Reinsurers Association to receive a grant.

The study entitled "Analysis of Driving and Non-Driving Factors Correlated to the Occurrence of Car Accidents in the Philippines" showed that insurance premiums for motor vehicles should not just be pegged on the make and model of the vehicles but should also take into consideration some key factors about their drivers.

Vincent Kester De Joya and Kelsey Adam Decena, both graduating Actuarial Science students of UST, presented their study's findings before the PIRA PR and Education Committee.

They were accompanied by their thesis adviser, Assistant Professor Mark Louie Ramos, who helped in answering questions from PIRA executives.

The study took into account some 150 respondents from Barangay Holy Spirit in Quezon City who was asked about their personal information and their driving experiences, with the particular focus on road accidents.

The answers were then measured against data culled from abroad through regression and they were found to be consistent.

Aside from gender, age, and nature of parking space, the other factors that were found to increase the likelihood of figuring in accidents are the number of hours the car is being used, the education of the driver, and the medical condition of the driver.

Most of the factors identified by the researchers were consistent with results from studies in other countries as well as premium pricing norms that have been in place in such countries for years.

The findings support the claim that driving and demographic factors should be considered in the pricing of motor vehicle accident insurance products in the Philippines.

Further studies may be conducted on a much wider scale in order to yield more accurate regression coefficient estimates that can be used as the basis for actual premium price adjustments.

PIRA Education Committee Chairman Armand Pesigan praised the research as "insightful." He expressed hopes that PIRA would fund more research projects to enable insurance companies to have a better understanding of the local market.